Alphabet and Meta Beat Earnings But Shares Drop on Growth Concerns

Alphabet and Meta beat Q3 earnings estimates but shares dropped due to cloud concerns and economic uncertainty. Meta stock is still up 149% in 2023 and Alphabet 42%.

Alphabet Q3 revenue rose 12% year-over-year to $64B, beating estimates. Cloud revenue missed at $8.4B.

Meta Q3 revenue jumped 23% to $34B, topping views. Profit soared 167% but the company warned of softening ad demand.

Alphabet full-year 2023 EPS expected to rise 25% with sales up 8%. Meta 2023 EPS forecast up 38% on 14% higher revenue.

Despite post-earnings drops, long-term prospects remain strong for both tech giants. Buying the dip could prove rewarding.